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AMC Entertainment | 8-K: AMC Entertainment Holdings, Inc. Reports Third Quarter 2024 Results

SEC ·  Nov 6 16:29

Summary by Moomoo AI

AMC Entertainment Holdings, Inc. reported its financial results for the third quarter of 2024 on November 6, 2024. The company experienced a net loss of $20.7 million, a decrease from the net earnings of $12.3 million in the same quarter of the previous year. Total revenues reached $1,348.8 million, while adjusted EBITDA was $161.8 million, down from $199.9 million in Q3 2023. Operating activities resulted in a net cash use of $31.5 million, contrasting with the $65.9 million provided in Q3 2023. Despite the net loss, the quarter marked the second-best performance for an AMC third quarter in terms of adjusted EBITDA in the company's 104-year history. The company also highlighted a 31% increase in total revenues compared to Q2 2024, a narrowed net loss by 37% from Q2 2024, and a fourfold increase in adjusted EBITDA from...Show More
AMC Entertainment Holdings, Inc. reported its financial results for the third quarter of 2024 on November 6, 2024. The company experienced a net loss of $20.7 million, a decrease from the net earnings of $12.3 million in the same quarter of the previous year. Total revenues reached $1,348.8 million, while adjusted EBITDA was $161.8 million, down from $199.9 million in Q3 2023. Operating activities resulted in a net cash use of $31.5 million, contrasting with the $65.9 million provided in Q3 2023. Despite the net loss, the quarter marked the second-best performance for an AMC third quarter in terms of adjusted EBITDA in the company's 104-year history. The company also highlighted a 31% increase in total revenues compared to Q2 2024, a narrowed net loss by 37% from Q2 2024, and a fourfold increase in adjusted EBITDA from the previous quarter. AMC's CEO Adam Aron expressed optimism about the company's post-COVID recovery, citing improvements in financial metrics and a strengthened balance sheet. Debt maturity extensions and reductions in outstanding debt were also noted. The company achieved record third-quarter admissions revenue per patron and all-time high food and beverage revenue per patron. Attendance was 25% lower than in Q3 2019, but adjusted EBITDA was in line with pre-pandemic levels. Aron also expressed confidence in the upcoming movie slate for the remainder of 2024 and the following two years, anticipating a rise in the industry-wide box office. AMC ended the quarter with $527.4 million in cash and cash equivalents.

This announcement is a separate document:

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